There’s still time to apply for Florida’s principal reduction plan through the Hardest Hit Fund, which will shut down when 25,000 applications are submitted.

As of 9 a.m., more than 12,000 applications had been filed for the program, which will award up to $50,000 to cut mortgage debt for homeowners who are current on their loan payments but severely underwater.

The application process opened at 9 a.m. Wednesday. The Florida Housing Finance Corporation, which oversees the state’s $1 billion Hardest Hit Fund, said it expects to reach the 25,000 threshold in the next two to three days.